UAE Luxury Goods Market was valued at USD 2,977.69 Million in 2020 and is projected to register a CAGR of 7.17% during the forecast period, 2021-2026. As luxury products market was mostly reliant on offline retail stores, with the onset of COVID-19, players realized the disadvantages of having only brick and mortar as the sales channel....
In the Voice of the Industry series, the analyst connects with industry professionals to explore trends and innovations. This report focuses on the Luxury Goods industry, drawing on a survey of over 300 professionals working in luxury goods in over 40 countries around the world. Voice of the Industry: Luxury Goods 2021 global briefing...
Competitor strategies across the luxury goods landscape have been evolving in recent years under the impact of digitalisation and changing consumer values. The impact of the global coronavirus pandemic however has weighed heavily on luxury corporates and the lack of certainty accompanied by a recessionary consumer mindset threatens to delay...
Luxury goods was among the industries hardest hit by the Coronavirus (COVID-19) pandemic with sales damaged by temporary store closures, travel bans and weakened consumer spending. In addition, the pandemic also accelerated a channel shift to e-commerce as well as an emphasis on sustainability and wellness. This report provides a top-line...
Consumer spending on luxury goods continues to undergo unprecedented levels of channel shifts due to the long-term effects of the Coronavirus (COVID-19) pandemic and there is no doubt that the outbreak will be seen as a catalyst for a stronger move towards digitalisation in retail. Where Consumers Shop for Luxury Goods global briefing...
Luxury goods turned to strong current value decline in 2020, due to the impact of COVID-19. When the virus emerged in the country, the South African government implemented a risk-adjusted strategy at five different levels which dictated the economic activity that was permitted. Level five allowed only essential services to operate, which led...
After seeing solid current value growth rates throughout most of the review period, personal luxury saw a significant decline in 2020. The arrival of COVID-19 in the country led the South African government to take action to try and halt the spread of the virus in the country. It released a five-level risk-adjusted strategy which dictated...
After seeing slow retail volume growth and a stronger current value increase in 2019, in 2020 luxury eyewear turned to strong declines by both measures. Eyewear stores, including vision correction optical stores with qualified optometrists, were closed during the COVID-19 lockdown that was put in place by the South African government from...
Fine wines/champagne and spirits saw a strong double-digit current value decline in 2020, and an even stronger retail volume decline, after seeing solid increases during the previous years of the forecast period. A national ban on the trading of alcohol was put in place by the South African government in the first half of the year due to COVID-19. Fine...
Although luxury jewellery saw retail volume declines for most of the review period, they were insignificant compared with the fall in sales seen in 2020. Meanwhile, current value sales fell from growth in 2019 to a double-digit decline in 2020. The main reason for this poor performance was the closure of luxury jewellery stores during the...